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Initially, the economy is at an equilibrium point E, . Contractionary fiscal policy shifts the aggregate demand curve leftward to AD. When the economy is

Initially, the economy is at an equilibrium point E, . Contractionary fiscal policy shifts the aggregate demand curve leftward to AD. When the economy is in a position such as E,, it is operating at Ijl macroeconomic equilibrium. Price level SAS AD, AD, Real GDP L8

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